FNF — what changed in the latest 10-Q
A section-by-section comparison of FNF's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +34 | −28 | ~95 | 92 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
Income tax expense was $63 million and $98 million for the three months ended June 30, 2026 and 2025, respectively, and $238 million and $127 million in the six months ended June 30, 2026 and 2025, respectively. Income tax expense as a percentage of earnings before income taxes was 19% and 26% for t…
Title premiums increased by $443 million or 17% in the six months ended June 30, 2026 from the corresponding period in 2025. The increase was comprised of an increase in Title premiums from direct operations of $208 million, or 18%, and an increase in Title premiums from agency operations of $235 mi…
The average fee per file in our direct operations was $4,107 and $3,899 in the three and six months ended June 30, 2026, respectively, compared to $3,894 and $3,834 in the three and six months ended June 30, 2025, respectively. The increases in average fee per file in the three and six months ended …
Personnel costs include base salaries, commissions, benefits, stock-based compensation, and bonuses paid to employees, and are one of our most significant operating expenses. Personnel costs increased $70 million, or 9%, in the three months ended June 30, 2026 and increased $146 million, or 10% in t…
Personnel costs as a percentage of total revenues from direct title premiums and escrow, title-related and other fees were 56% and 60% for the three months ended June 30, 2026 and 2025, and 60% and 62% for the six months ended June 30, 2026 and 2025, respectively. Average employee count in the Title…
Text removed vs the prior filing · source: 10-Q · 2026-05-08
Income tax expense was $175 million and $29 million in the three months ended March 31, 2026 and 2025, respectively. Income tax expense attributable to increases in our valuation allowance were $17 million and $4 million in the three months ended March 31, 2026 and 2025, respectively. Income tax exp…
The average fee per file in our direct operations was $3,655 in the three months ended March 31, 2026, compared to $3,761 in the three months ended March 31, 2025. The decrease in average fee per file in the three months ended March 31, 2026 as compared to the corresponding period in 2025 reflects a…
Personnel costs include base salaries, commissions, benefits, stock-based compensation, and bonuses paid to employees, and are one of our most significant operating expenses. Personnel costs increased $76 million, or 11%, in the three months ended March 31, 2026 from the corresponding period in 2025…
Other operating expenses increased by $27 million, or 9%, in the three months ended March 31, 2026 from the corresponding period in 2025. Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and recognized gains and losses were 29% and …
of value of business acquired (“VOBA”), deferred acquisition costs (“DAC”) and deferred sales inducements (“DSI”), and other operating costs and expenses.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice